The Daily Express reports that Jose Mourinho will let Lukaku join Atletico to grease the wheels of the Diego Costa transfer.
Atletico want a replacement for the Spain striker in place before finally sanctioning the Costa deal. Costa is expected to sign for Chelsea for £32m after reportedly passing his medical with the Stamford Bridge club.
Lukaku has been impressive for West Brom and Everton in consecutive seasons on loan from Chelsea in the Premier League over the last two years. And he's set to lead the line for highly rated Belgium at the World Cup this summer while Spurs and Everton were thought to be keen to sign him before the tournament.
Spanish newspaper AS reports that Mourinho will let Lukaku leave on loan for one final season, but has resisted the urge to sell him permanently. That's bad news for Spurs and Everton, who will now be forced to explore other targets.
Chelsea want to avoid falling into the same trap as Manchester United, who let Paul Pogba leave Old Trafford only to watch him become one of Europe's best midfielders at Juventus.
Mourinho believes Lukaku has the potential to one day lead the line for Chelsea, and expects him to return to Stamford Bridge next summer to compete with Diego Costa for a starting berth.
But most important this transfer window is sealing the transfer of the Brazil-born Spain international - and Chelsea hope that can now happen with Lukaku heading in the other direction.